TCRLA_Public/100817.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      L A T I N  A M E R I C A

              Tuesday, August 17, 2010, Vol. 11, No. 161

                            Headlines



A R G E N T I N A

ASOCIACION MUTUAL: Creditors' Proofs of Debt Due on September 7
GEAGE LOGISTICA: Creditors' Proofs of Debt Due on October 7
METROGAS SA: Creditors' Proofs of Debt Due on February 21
MONTAJES SANTI: Creditors' Proofs of Debt Due on September 20
PROYECTO SRL: Creditors' Proofs of Debt Due on October 10

VADEMECUM SA: Creditors' Proofs of Debt Due on August 24


B E R M U D A

ACI INDUSTRIES: Commences Wind-Up Proceedings
ACI INDUSTRIES: Member to Receive Wind-Up Report on August 24
ESG REINSURANCE: Appoints Morrison & Thresh as Liquidators
KCP (HOLDINGS): Commences Wind-Up Proceedings
KCP (HOLDINGS): Members' Final Meeting Set for September 15

PGT FINANCE: Commences Wind-Up Proceedings
PGT FINANCE: Members' Final Meeting Set for September 15
PGT FINANCE: Commences Wind-Up Proceedings
PGT FINANCE: Members' Final Meeting Set for September 15
RICHMOND INSURANCE: Commences Wind-Up Proceedings

RICHMOND INSURANCE: Member to Receive Wind-Up Report on August 31
SIGMA RE: Commences Wind-Up Proceedings
SIGMA RE: Members' Final Meeting Set for August 31
VANDICOMP GROUP: Members' Final Meeting Set for August 25
WAGERING INSURANCE: Court to Hear Wind-Up Petition on August 20


B R A Z I L

BRASKEM SA: Union Workers Plan to Stage Strike
CAIXA ECONOMICA: To Fund US$1.3 Billion in Exports to Iran
CAIXA ECONOMICA: Records BRL890 Million Profit in 2nd Qtr.
COMPANHIA ENERGETICA: 2Q Profit Drops 81% on Currency Losses
COMPANHIA SIDERURGICA: IPO Depends on Accord With Namisa

GERDAU SA: Gerdau Ameristeel to Hold Meeting on August 24
NET SERVICOS: Embratel Offer Won't Affect Moody's 'Ba1' Rating
JBS SA: Second Quarter Profit Drops 97% to BRL3.7 Million
TAM SA: Intends to Combine With LAN Airlines


E C U A D O R

* ECUADOR: Contracts to Take 25% of Oil Company Profits


M E X I C O

MEXICANA AIRLINES: Union Asks Gov't to Push for More Days of Talks
MEXICANA AIRLINES: Airport Operator Suspends Passenger Fee
MEXICANA AIRLINES: Needs US$100MM to Keep Flying, Says CEO
MEXICANA AIRLINES: To Reduce Flights, Stop Paying Staff
* MEXICO: Moody's Assigns 'Ba2' Rating on Tlaquepaque


P U E R T O  R I C O

CARIBBEAN PETROLEUM: Case Summary & 30 Largest Unsecured Creditors


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                         - - - - -


=================
A R G E N T I N A
=================


ASOCIACION MUTUAL: Creditors' Proofs of Debt Due on September 7
---------------------------------------------------------------
The court-appointed trustee for Asociacion Mutual Empleados de
Comercio de Tandil's reorganization proceedings, will be verifying
creditors' proofs of claim until September 7, 2010.

The trustee will present the validated claims in court as
individual reports on October 5, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 23, 2010.


GEAGE LOGISTICA: Creditors' Proofs of Debt Due on October 7
-----------------------------------------------------------
The court-appointed trustee for Geage Logistica y Distribucion
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until October 7, 2010.

The trustee will present the validated claims in court as
individual reports on November 18, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 4, 2011.


METROGAS SA: Creditors' Proofs of Debt Due on February 21
---------------------------------------------------------
The court-appointed trustee for Metrogas SA's reorganization
proceedings, will be verifying creditors' proofs of claim until
February 21, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 13, 2011.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 51, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.


MONTAJES SANTI: Creditors' Proofs of Debt Due on September 20
-------------------------------------------------------------
The court-appointed trustee for Montajes Santi S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 20, 2010.

The trustee will present the validated claims in court as
individual reports on November 2, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.


PROYECTO SRL: Creditors' Proofs of Debt Due on October 10
---------------------------------------------------------
The court-appointed trustee for Proyecto SRL's reorganization
proceedings, will be verifying creditors' proofs of claim until
October 10, 2010.

The trustee will present the validated claims in court as
individual reports on December 20, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 1, 2011.

Creditors will vote to ratify the completed settlement plan
during the assembly on August 3, 2011.


VADEMECUM SA: Creditors' Proofs of Debt Due on August 24
--------------------------------------------------------
The court-appointed trustee for Vademecum S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 24, 2010.

The trustee will present the validated claims in court as
individual reports on October 5, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 17, 2010.


=============
B E R M U D A
=============


ACI INDUSTRIES: Commences Wind-Up Proceedings
---------------------------------------------
ACI Industries commenced wind-up proceedings on July 21, 2010.

Only creditors who were able to file their proofs of debt by
August 9, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Roderick M. Forrest
         Victoria Place, 31 Victoria Street
         Hamilton, Bermuda


ACI INDUSTRIES: Member to Receive Wind-Up Report on August 24
-------------------------------------------------------------
The member of ACI Industries will receive, on August 24, 2010, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on July 21, 2010.

The company's liquidator is:

         Roderick M. Forrest
         Victoria Place, 31 Victoria Street
         Hamilton, Bermuda


ESG REINSURANCE: Appoints Morrison & Thresh as Liquidators
----------------------------------------------------------
On July 22, 2010, Michael W. Morrison and Charles Thresh were
appointed as liquidators of ESG Reinsurance (Bermuda) Limited.

The liquidators can be reached at:

         Michael W. Morrison
         Charles Thresh
         KPMG Advisory Limited
         Bermuda; and
         Mike S. Walker
         KPMG LLP
         London


KCP (HOLDINGS): Commences Wind-Up Proceedings
---------------------------------------------
KCP (Holdings) Ltd. commenced wind-up proceedings on July 21,
2010.

Only creditors who were able to file their proofs of debt by
August 6, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


KCP (HOLDINGS): Members' Final Meeting Set for September 15
-----------------------------------------------------------
The members of KCP (Holdings) Ltd. will hold their final meeting,
on September 15, 2010, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on July 21, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


PGT FINANCE: Commences Wind-Up Proceedings
------------------------------------------
PGT Finance (1999) Ltd. commenced wind-up proceedings on July 21,
2010.

Only creditors who were able to file their proofs of debt by
August 6, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


PGT FINANCE: Members' Final Meeting Set for September 15
--------------------------------------------------------
The members of PGT Finance (1999) Ltd. will hold their final
meeting, on September 15, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on July 21, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


PGT FINANCE: Commences Wind-Up Proceedings
------------------------------------------
PGT Finance Ltd. commenced wind-up proceedings on July 23, 2010.

Only creditors who were able to file their proofs of debt by
August 11, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


PGT FINANCE: Members' Final Meeting Set for September 15
--------------------------------------------------------
The members of PGT Finance Ltd. will hold their final meeting, on
September 15, 2010, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on July 23, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


RICHMOND INSURANCE: Commences Wind-Up Proceedings
-------------------------------------------------
Richmond Insurance Company Limited commenced wind-up proceedings
on July 26, 2010.

Only creditors who were able to file their proofs of debt by
August 13, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mark Waddington
         The Chartis Building
         29 Richmond Road, Pembroke HM 08
         Bermuda


RICHMOND INSURANCE: Member to Receive Wind-Up Report on August 31
-----------------------------------------------------------------
The member of Richmond Insurance Company Limited will receive, on
August 31, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on July 26, 2010.

The company's liquidator is:

         Mark Waddington
         The Chartis Building
         29 Richmond Road, Pembroke HM 08
         Bermuda


SIGMA RE: Commences Wind-Up Proceedings
---------------------------------------
Sigma Re Ltd. commenced wind-up proceedings on July 28, 2010.

Only creditors who were able to file their proofs of debt by
August 11, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


SIGMA RE: Members' Final Meeting Set for August 31
--------------------------------------------------
The members of Sigma Re Ltd. will hold their final meeting, on
August 31, 2010, at 9:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on July 28, 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


VANDICOMP GROUP: Members' Final Meeting Set for August 25
---------------------------------------------------------
The members of Vandicomp Group Ltd. will hold their final meeting,
on August 25, 2010, at 9:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


WAGERING INSURANCE: Court to Hear Wind-Up Petition on August 20
---------------------------------------------------------------
A petition to wind up the operations of Wagering Insurance North
America, Ltd will be heard before the High Court of Bermuda on
August 20, 2010, at 9:30 a.m.


===========
B R A Z I L
===========


BRASKEM SA: Union Workers Plan to Stage Strike
----------------------------------------------
Braskem S.A.'s union workers voted to stage a strike at the
company's Kenova facility starting August 15 at midnight, The
State Journal reports.  The report relates that the vote came in
64 to 7.

According to the report, the union's concerns rest with an
unwanted increase in insurance costs and no pension issued for new
workers.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, an has
an annual production capacity of 5.8 million tons of resins and
other petrochemical products.

                          *     *     *

As of August 11, 2010, the company continues to carry Moody's
"Ba1" long-term and long-term corporate family rating.  The
company also continues to carry Fitch Ratings' "BB+" long-term
issuer default and senior unsecured debt ratings.


CAIXA ECONOMICA: To Fund US$1.3 Billion in Exports to Iran
----------------------------------------------------------
Caixa Economica Federal will finance up to EUR1 billion (US$1.3
billion) in beef shipments to Iran after private banks refused to
extend credit to exporters, fearing retaliation from the U.S. and
European Union, Joshua Goodman at Bloomberg News reports, citing
Valor Economico.  The report relates the newspaper said that the
financing will be backed by Brazil's Treasury, which will be
responsible for collecting payment from the Iranian government.

According to the report, citing the local newspaper, sanctions
imposed by the United Nations in June over Iran's nuclear program,
and followed up with tighter restrictions by the U.S. and EU, has
led Brazilian banks to reject credit guarantees issued by Iranian
banks.

                       About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

As of August 16, 2010, the bank continues to carry Moody's "D+"
bank financial strength rating.


CAIXA ECONOMICA: Records BRL890 Million Profit in 2nd Qtr.
----------------------------------------------------------
Caixa Economica Federal posted a second-quarter net profit of
BRL890 million (US$503.10 million), 26% higher than the same
period in 2009, Diana Kinch at Dow Jones Newswires reports.

According to the report, the result was favored by an expansion in
credit lines offered by the bank, particularly in the property
sector.  The report relates that at the end of June, the bank's
credit portfolio totaled BRL86.9 billion, 58% higher than a year
earlier.

Caixa said it has a 75.9% share in Brazil's property credit
market, the report adds.

                      About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

As of August 16, 2010, the bank continues to carry Moody's "D+"
bank financial strength rating.


COMPANHIA ENERGETICA: 2Q Profit Drops 81% on Currency Losses
------------------------------------------------------------
Companhia Energetica de Sao Paulo (CESP)'s second-quarter profit
dropped 81% to BRL133 million Brazilian (US$75.1 million) from
BRL714.4 million a year earlier due to currency losses, Paulo
Winterstein at Dow Jones Newswires reports.

According to the report, CESP analysts had expected BRL132.7
million, according to the average of 13 estimates compiled by the
local Estado news agency.  The report notes that net revenue rose
4.7% to BRL688.4 million.

Dow Jones Newswires says that the 1.15% drop in the real against
the dollar increased costs of servicing dollar-denominated debt.
The report relates that financial losses totaled BRL141.5 million
compared with financial gains of BRL273.6 million in the year-
earlier quarter.

Ebitda were BRL454.8 million, a gain of 0.1% from a year earlier,
the report adds.

                          About CESP

Companhia Energetica de Sao Paulo plans, constructs, and operates
electricity generation and distribution systems in the State of
Sao Paulo, Brazil.  The company generates electricity through
hydroelectric plants located on the rivers of Panama, tiete,
paraibuna, and Jaguari.

                           *     *     *

As of August 16, 2010, the company continues to carry Moody's
"Ba2" long-term corporate family rating and senior unsecured debt
rating.  The company also continues to carry Standard and Poor's
"B" long- term issuer credit rating.


COMPANHIA SIDERURGICA: IPO Depends on Accord With Namisa
---------------------------------------------------------
Companhia Siderurgica Nacional SA said that a planned initial
public offering in shares of an iron ore unit depends on an accord
between the company and minority shareholders in its Nacional de
Minerios SA (Namisa) iron ore subsidiary, Dow Jones Newswires
reports.

According to the report, CSN Executive Director of Finances Paulo
Penido said that "We're in negotiations with Namisa's minority
shareholders.  This takes time."  Whether an IPO occurs will also
depend on market conditions, he added, the report relates.

As reported in the Troubled Company Reporter-Latin America on
June 29, 2010, Steel Guru News said that CSN will start to
gradually spin off parts of its business in a bid to increase
assets.  According to the report, it is believed that the company
could also sell stakes in its cement, steel making, energy and
logistics units.  The report related that if all goes well, the
moves could help CSN fetch a better value for its business, in
turn fueling possible acquisitions.

                            About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                          *     *     *

As of August 11, 2010, the company continues to carry moody's
"Ba1" long-term and long-term corporate family ratings.  The
company also continues to carry Standard and Poor's "BB+" issuer
credit ratings.


GERDAU SA: Gerdau Ameristeel to Hold Meeting on August 24
---------------------------------------------------------
Gerdau Ameristeel Corporation disclosed that the rescheduled
special meeting to approve a proposed plan of arrangement
involving, among other things, the acquisition by Gerdau S.A. of
all of the issued and outstanding common shares of Gerdau
Ameristeel that Gerdau S.A. does not already own for US$11.00 per
share will be held on August 24, 2010 at 11:00 a.m. (Toronto time)
at the TMX Broadcast Centre, The Exchange Tower, 130 King Street
West, Toronto, Ontario, Canada.

The special meeting was rescheduled to accommodate the regulatory
review of certain disclosure documents related to the transaction.
That review has now been completed and Gerdau Ameristeel has
prepared an amended 13E-3 and a supplement to the management proxy
circular dated July 7, 2010, which are available on Gerdau
Ameristeel's Web site at http://www.gerdauameristeel.com/

These documents have also been filed with the Canadian securities
regulators and with the U.S. Securities and Exchange Commission
and are available on the Canadian SEDAR Web site at
http://www.sedar.com/ and on the U.S. Securities and Exchange
Commission's website at http://www.sec.gov/

The record date of June 18, 2010 has not been changed.  If you
have not yet deposited your proxies, you may continue to do so.
No further action need be taken by shareholders that already have
deposited proxies in respect of their shares for those shares to
be voted at the special meeting.  Proxies must be received by
Gerdau Ameristeel's transfer agent, CIBC Mellon Trust Company, by
no later than 11:00 a.m. (Toronto time) on August 20, 2010.
Voting instructions and information about the mechanics for
depositing proxies are provided in the management proxy circular
which has been mailed to shareholders and which is available on
the SEDAR website at http://www.sedar.com/

The hearing in respect of the final order of the Ontario Superior
Court of Justice will take place on August 27, 2010 at 10:00 a.m.

                      About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                           *     *     *

As of June 23, 2010, the company continues to carry Moody's "Ba1"
long-term corporate family rating, senior unsecured debt rating,
and probability of default rating.  The company also continues to
carry Standard and Poor's BB+ issuer credit ratings.

                         About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude steel
and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                           *     *     *

As of June 23, 2010, the company continues to carry Moody's "Ba1"
long-term corporate family rating and "Ba1" senior unsecured debt
ratings.


NET SERVICOS: Embratel Offer Won't Affect Moody's 'Ba1' Rating
--------------------------------------------------------------
Moody's Investors Service has noted that the Ba1 rating with
stable outlook for Net Servicos de Comunicacao S.A. and that the
Baa2 rating with stable outlook for Empresa Brasileira de
Comunicacoes S.A. are unaffected at this time by the announcement
that Embratel has made a public tender to acquire 100% of NET's
preferred shares.  According to Embratel's fillings at the
Brazilian stock exchange, the tender should take place on
September 9th.  2010 and, if completed as proposed, Embratel would
then own directly and indirectly approximately 93.4% of NET's
total capital, but not the voting control of the company.

The last rating action on NET was on October 22, 2009, when
Moody's affirmed NET's existing Ba1 rating with a stable outlook
and assigned a Ba1 rating to the company's US$350 million proposed
notes issuance due in 2020.

The last rating action on Embratel was on April 26, 2010, when
Moody's upgraded Embratel's ratings from Baa3 to Baa2, with a
stable outlook.

Headquartered in the city of Sao Paulo, Brazil, Net Servicos de
Comunicacao S.A. is the largest cable company in Brazil with
approximately 3.9 million Pay TV subscribers as of June 30, 2010
and currently present in 93 cities.  The company also offers
bidirectional broadband internet access through its Virtua
franchise and voice services through Net Fone via Embratel.  As of
June 30, 2010, Net had 3.1 million broadband clients and
2.8 million fixed line subscribers.  Net reported consolidated net
revenues of BRL5.0 billion over the last twelve months ended
June 30, 2010 (US$2.8 billion converted by the average exchange
rate).

Headquartered in the city of Rio de Janeiro, Brazil, Empresa
Brasileira de Telecomunicacoes S.A. is the incumbent long-distance
service provider in Brazil and offers a wide array of advanced
communications services over its own network.  Embratel reported
consolidated net revenues of BRL 10.9 billion over the last twelve
months ended June 30, 2010 (US$6.1 billion converted by the
average exchange rate).


JBS SA: Second Quarter Profit Drops 97% to BRL3.7 Million
---------------------------------------------------------
JBS SA's second quarter profit dropped 97% to BRL3.7 million
(US$2.09 million) from BRL125.9 million in the same period in
2009, after two mergers, partly due to high exchange rate
volatility even as revenues rose, Aluisio Alves at Reuters
reports.

"Demand for working capital, as well as the impact from exchange
rate volatility during the quarter were the main reasons for the
retreat in profit," Chief Executive Joesley Medonca Batista said
in a statement obtained by the news agency.

According to the report, the drop in profit came even as net
revenues in the quarter jumped 52.5% from the same period in 2009
to BRL14.1 billion.  The report relates that the increase in
revenues reflected the rise in sales prices, favorable market
conditions and a 22.2% increase in the client base.

The report notes that EBITDA jumped 163.3% in the quarter from the
same period in 2009 to BRL1 billion.

                          About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 23, 2010, Fitch Ratings upgraded these ratings of JBS S.A.:

  -- local currency issuer default rating to 'BB-' from 'B+';

  -- foreign currency issuer default rating to 'BB-' from 'B+';

  -- US$275 million senior unsecured notes due in 2011, to 'BB-'
     from 'B+/RR4';

  -- US$700 million senior unsecured notes due in 2014, to 'BB-'
     from 'B+/RR4';

  -- US$300 million senior unsecured notes due in 2016, to 'BB-'
     from 'B+/RR4';


TAM SA: Intends to Combine With LAN Airlines
--------------------------------------------
LAN Airlines S.A. and TAM S.A. have entered into a non-binding MOU
that outlines their intentions to combine their holdings under a
single parent entity.  The combination would create a new Latin
American airline group that would offer seamless passenger and
cargo service across the continent and around the world.  The new
group, to be known as LATAM Airlines Group, would include Lan
Airlines and its affiliates in Peru, Argentina and Ecuador; Lan
Cargo and its affiliates; TAM Lineas Aereas S.A.; TAM Mercosur and
all other holdings of LAN and TAM. The transaction is subject to
both parties entering into a binding definitive agreement and
satisfaction of conditions, including corporate and shareholder
approvals and actions and regulatory approvals.

Each of the airlines in the group would continue to operate under
their existing operating certificates and brands.  The carriers
would work to build a comprehensive network of international
passenger flights and cargo services throughout the region.
Growth enabled by the transaction would reach new destinations,
create more opportunities for employees of both companies and more
value creation for shareholders and would foster economic
development and job growth in the home countries of the Group
airlines and the countries they serve.

The all-stock transaction would consolidate the economic interests
of LAN and TAM under a single parent entity while satisfying the
foreign ownership and control requirements of each country where
they operate.  In connection with the transaction, LAN Airlines
S.A. would be renamed LATAM Airlines Group S.A. (LATAM) and would
serve as a parent company that will align activities for all group
holdings.  TAM shareholders would be offered 0.90 shares of common
stock of LATAM for each share of TAM.

LATAM would retain its listing in the Santiago stock exchange and
its ADR listing in the New York Stock Exchange and plans to list
its shares, via BDRs, in the Bovespa in Brazil.

Within the group, TAM would continue to operate as a Brazilian
company with its own structure.  The current holdings of LAN
Airlines S.A. would operate as an independent business unit within
the group (and be referred to as LAN Airlines).  Each airline
within the group would maintain its current headquarters and
governance structure.

The controlling shareholders of LAN and TAM have agreed to a
governance model to jointly manage strategic decisions relating to
the alignment of the activities of LATAM group holdings.  Mauricio
Rolim Amaro, currently Vice-chairman of the Board of Directors at
TAM S.A., will serve as Chairman of Board of Directors of LATAM
and Enrique Cueto, currently CEO of LAN, will serve as LATAM CEO.

Within the Group, Maria Claudia Amaro, currently Chairman of the
Board of Directors of TAM, will serve as Chairman of TAM under the
new structure.  Marco Bologna, currently President/CEO of TAM S.A.
will serve as CEO of TAM. Libano Barroso, currently president of
TAM Lineas Aereas S.A., will remain in that capacity.  Ignacio
Cueto, currently President/COO of LAN, will serve as CEO of LAN
Airlines.

"This is the completion of the vision of our founder, Captain
Rolim, who believed that in an open skies market, a large Latin
American airline group would provide much more competitive
services to our passengers and cargo customers" said Marco
Bologna, CEO of TAM.  "Combining our strengths and complementary
networks will bring great benefits to our customers, employees,
shareholders and Latin America.  Together, LAN and TAM will be
able to offer new destinations that neither company could have
supported on its own. This will position us to compete with the
foreign carriers that continue to increase service to our region
while creating new jobs in our home countries."

The combined airline group would provide passenger services to
more than 115 destinations in 23 countries while providing cargo
services throughout Latin America and across much of the globe.
The airlines of the group would operate a fleet of more than 220
aircraft, and have more than 40,000 employees.  In 2009 these
carriers had combined revenues of US$8.5 billion, carried more
than 45 million passengers and carried combined cargo of 832,000
tons.  The Group would be among the leading airline groups in the
world in terms of size, profitability and market reach.

The combination is expected to generate annual synergies of
approximately US$400 million.  These synergies are expected to
come broadly in equal proportion from alignment of the passenger
networks, growth in the cargo network (both internationally and in
Brazil), and reduced cost.  Management expects that it would be
able to implement approximately one third of the synergies within
the first year following the close of the transaction and all
synergies by the end of the third year.

Employees would benefit from enhanced career opportunities and
faster growth as a result of the combination.  The scale and
diversity of the new carrier would provide more stability and
greater financial strength, benefiting all stakeholders.  The
combined airlines would have more than 200 aircraft scheduled for
future delivery, driving growth and increased employment across
the region.

Passengers would benefit from an increase in flights,
destinations, and connections as a result of this combination. The
combined carrier would allow for seamless travel throughout the
region and beyond.  Frequent flyer program members would be able
to earn and redeem miles on more flights, and be able to earn
miles through more partners than ever before.

Cargo customers would have access to the most comprehensive cargo
network in Latin America - with more capacity, frequency, and
destinations than any other carrier. The combined carriers would
work quickly to ensure that customers can book, ship and track
cargo seamlessly across the expanded network.

Under the MOU, the two companies will now engage in exclusive
negotiations towards a binding definitive agreement, which shall
be subject to reaching agreement on the final documentation, due
diligence, respective corporate and shareholder approvals and
actions, and regulatory approvals.  No assurances can be given
that a binding definitive agreement will be entered into or that
the combination will be completed.

BTG Pactual is acting as exclusive financial advisor and Turci
Attorneys, Machado, Meyer, Sendacz e Opice Advogados, Clifford
Chance and Cariola Diez Perez-Cotapos & Cia. Ltda. are acting as
legal advisors to TAM. JP Morgan Securities Inc. is acting as
financial advisor and Claro y Cia., Sullivan & Cromwell LLP and
Pinheiro Neto Advogados are acting as legal advisors to LAN.

                           About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As of May 20, 2010, the company continues to carry Standard and
Poor's "B+" long-term issuer credit ratings.  The company also
continues to carry Fitch Rating's "BB-" long-term issuer default
ratings.


=============
E C U A D O R
=============


* ECUADOR: Contracts to Take 25% of Oil Company Profits
-------------------------------------------------------
New model service contracts delivered to private oil companies in
Ecuador say the state is to take a "sovereignty" payment to equal
25% of their net profits, Monica Orozco at Dow Jones Newswires
reports.

As reported in the Troubled Company Reporter-Latin America on
August 13, 2010, Dow Jones Newswires said that Ecuador passed a
new Hydrocarbons Law which aims to expropriate foreign-company
operations unless they sign new service contracts increasing state
control of the industry.  The report related that the law fixed a
deadline of 120 days from July 27 for major operators to change
over to the new service contracts.  Smaller petrol companies have
180 days, the report notes.

According to Dow Jones Newswires, under the new contracts, private
oil companies will be paid a production fee, while the government
will own 100% of the oil and gas produced.  The report relates
that the contract said that after deducting the 25%, the state
will "cover" operational and production costs via two kinds of
tariff.  No tariff rates are given but the first tariff is called
a "production" tariff, and the second an "incremental production"
tariff, the report notes.  The first tariff will cover the actual
cost of production, while the second will cover the so-called new
costs of production after the contract is signed, Dow Jones
Newswires says.

Ecuador's minister for Nonrenewable Natural Resources, Wilson
Pastor told the news agency in an interview that the fees, the
time periods of the contracts and the investments by private oil
companies will be discussed during negotiations with private oil
and gas companies, which are to be held shortly.

                          *     *     *

As of June 28, 2010, the country continues to carry Moody's "Caa2"
country ceiling long-term foreign bank deposit ratings, and "Caa3"
currency issuer rating and foreign currency long-term debt rating.


===========
M E X I C O
===========


MEXICANA AIRLINES: Union Asks Gov't to Push for More Days of Talks
------------------------------------------------------------------
Andres R. Martinez at Bloomberg News reports that Compania
Mexicana de Aviacion's flight attendants union on August 13, 2010,
asked the Mexican government to require all parties involved in
talks to save the airline to meet for at least two more days to
find a solution.

According to the report, the government must step in and help run
the airline until new investors are found to avoid a premeditated
and induced bankruptcy.

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings

Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News.  The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units.  (http://bankrupt.com/newsstand/or
215/945-7000).


MEXICANA AIRLINES: Airport Operator Suspends Passenger Fee
----------------------------------------------------------
Andres R. Martinez at Bloomberg News reports that Grupo
Aeroportuario Del Pacifico SAB suspended charging a fee on
passengers booked to take Grupo Mexicana de Aviacion flights.

According to the report, Aeroportuario del Pacifico, an airport
operator, had planned to charge Mexicana clients starting
yesterday, August 16, 2010.  The report relates that the charge
would have applied to all Mexicana flights, including its low-cost
operation.

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings

Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News.  The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units.  (http://bankrupt.com/newsstand/or
215/945-7000).


MEXICANA AIRLINES: Needs US$100MM to Keep Flying, Says CEO
----------------------------------------------------------
Mexicana Airlines' Chief Executive Manuel Borja said the airline
needs a cash injection of at least US$100 million to keep flying,
according to a report by The Canadian Press.

Mr. Borja said in an interview with Radio Formula that he and the
unions representing the airline's pilots and flight attendants
are negotiating with investors to raise between US$100 million and
US$150 million, The Canadian Press reported.

He said a cash injection coupled with a deal with the unions to
take a stake in the company in exchange for new labor terms could
help keep Mexicana Airlines in business, according to the report.

                      About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion.  William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings

Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News.  The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units.  (http://bankrupt.com/newsstand/or
215/945-7000)


MEXICANA AIRLINES: To Reduce Flights, Stop Paying Staff
-------------------------------------------------------
Mexicana Airlines is set to cancel certain flights in the next
few days to optimize available resources and ensure that priority
is given to homebound passengers.

The company said in a statement that it is taking this measure
because of its deteriorating financial situation brought about by
"a series of events that have strangled its cash flows."

Specifically, Mexicana Airlines cited IATA's decision to suspend
the company's BSP sales channel, forcing it to suspend the sale
and issuing of tickets indefinitely "with serious repercussions
for MexicanaClick and MexicanaLink sales."

Other sources of revenue have either dried up or are being
retained by financial institutions after the filing of the
insolvency proceedings, according to the company.

"Although flights will be reduced to a minimum over coming days,
the airline and its employees are determined to make an effort to
continue operating out of concern for passengers," Mexicana
Airlines said.

"It is hoped an agreement will be reached with union leaders and
that additional resources can be obtained to secure the financial
viability of the carrier," the company said.

While Mexicana Airlines is set to cancel certain flights, the
company has resumed its services from both Gatwick and Madrid,
according to an August 10, 2010 report by Daily Telegraph.

Mexicana Chief Executive Officer Manuel Borja Chico also said the
airline hopes to resume ticket sales in the "coming days", Carla
Main at Bloomberg News reports.

Updated information on route and flight changes over the next few
days will be posted on cmainforma.com, the company's mexicana.com
link and twitter @mexicanaair.

Passengers can also contact the company through these call
centers:

    * Mexico City: 5448-8634 or 5998-5998
    * Elsewhere in Mexico: 01800-837-6150 or 01800-801-2010
    * United States & Canada: 1-888-882-9994 or 1-877-801-2010

Meanwhile, Mexicana Airlines said it will stop paying its
employees effective Tuesday so that funds may be used to defray
the operating expenses related to passengers on return trips,
according to an August 10 report by Latin American Herald
Tribune.

About 4,500 to 5,000 employees including pilots, flight
attendants and ground workers will be affected by this move.
The company intends to "optimize the use and allocation of
resources," according to a company spokesperson.

The company has already begun its negotiations with the Flight
Attendants Union, known as ASSA, and the Airline Pilots
Association, or ASPA.

Mexicana Airlines is proposing slashing pilot and flight
attendants' jobs by 40%, with those remaining pilots being asked
to accept a reduction of annual pay from $216,127 to $127,000,
and the remaining flight attendants to accept a salary reduction
from US$53,000 to US$32,000, Herald Tribune reported.

Earlier, ASPA agreed to offer the airline a six-month deferment
on salary payments to pilots.

The other union, meanwhile, plans to offer a two-month deferment
on its members' salary payments and to cut their food allowance
by half for two weeks, according to a report by The Canadian
Press.

SNTTTASS, the union that represents ground workers, said it
agreed to 150 job cuts or 6% of the 2,500 ground worker positions
at the airline.  Of this, 120 will be voluntary cuts while the
rest will be selected by the union, according to its leader
Miguel Angel Yudico.

Mr. Yudico said the agreement, however, requires the airline to
rehire between 50 and 60 workers after several months.

                      About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/-- is a privately held airline and a
subsidiary of Nuevo Grupo Aeronautico.  Founded in 1921, Mexicana
is the oldest commercial carrier in North America.  Charles
Lindbergh piloted the first trip for Mexicana between Brownsville,
Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two
other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and
Mexicana Inter S.A. de C.V. (Mexicana Link).

Compania Mexicana de Aviacion or Mexicana Airlines, Mexico's
largest airline, filed for bankruptcy in the U.S. and Mexico on
August 2, 2010.  In the U.S., the company filed in the U.S.
Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection
(case no. 10-14182), and in Mexico, it filed for the equivalent of
Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than
US$1 billion.  William C. Heuer, Esq., at Duane Morris LLP, serves
as counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing, it
expects to continue to operate normally, and that such filings

Bankruptcy Creditors' Service, Inc., publishes Mexicana Airlines
Bankruptcy News.  The newsletter tracks the chapter 11 proceedings
and the ancillary proceedings undertaken by Compania Mexicana de
Aviacion and its units.  (http://bankrupt.com/newsstand/or
215/945-7000)


* MEXICO: Moody's Assigns 'Ba2' Rating on Tlaquepaque
-----------------------------------------------------
Moody's de Mexico assigned a first-time issuer rating of A2.mx
(Mexico National Scale) to the Municipality of Tlaquepaque.
Moody's Investors Service assigned a first-time issuer rating of
Ba2 (Global Scale, local currency) to the Municipality of
Tlaquepaque.  The outlook on the ratings is stable.

The Ba2/A2.mx ratings assigned to the Municipality of Tlaquepaque
reflect the recording of positive gross operating balances that
generate pay-as-you-go financing for a portion of capital
projects, offset by negative consolidated fiscal results, owing to
capital expenditure pressures.  The ratings also take into account
relatively high debt levels and limited, albeit stable, liquidity.

Tlaquepaque's positive gross operating balances are supported by
the municipality's solid economic base that generates own-source
revenues in line with Ba rated Mexican municipalities.  These
operating results have produced pay-as-you-go financing for a
portion of capital projects.  In 2009, despite the revenue shock
related to the decline in federal transfers, Tlaquepaque's gross
operating balance equaled 14.1% of operating revenues, a healthy
level.

On a consolidated basis, after taking into account capital
revenues and capital expenditures, Tlaquepaque registered negative
financial performance, on average, during the 2005 - 2009 period.
In 2009, as a consequence of the impact of the economic downturn
on revenues and an expansion in infrastructure spending, the
municipality posted a cash financing requirement equivalent to -
11.4% of total revenues, a relatively high level compared to
peers.

Over the next two years, Moody's anticipates that the
municipality's ambitious capital expenditure plans will generate
modest cash financing requirements.  Nevertheless, the new
administration, which took power in early 2010, has also announced
plans to implement expenditure rationalization programs and
measures to increase revenues, which may help to ease these
negative consolidated results.

As a result of recent cash financing requirements, Tlaquepaque's
total net direct and indirect debt levels reached 43.9% of total
revenues, in 2009.  Given historical trends and expected cash
financing requirements, Moody's anticipates that debt levels could
potentially increase in the short term to roughly 50% of total
revenues.  Although debt levels are high compared to its peers,
balance sheet performance is also supported by: 1) a lack of
unfunded pension liabilities with the state's pension system
(IPEJAL -Instituto de Pensiones del Estado de Jalisco) and 2) the
self-sufficient nature of the municipal water company (SIAPA
Ba2/A2.mx).

Tlaquepaque, with a population of roughly 626,000 inhabitants, is
located in the metropolitan area of the City of Guadalajara, in
the State of Jalisco.  Tlaquepaque serves as a commercial and
service center, representing more than 50% of the metropolitan
economic base.  The local economy, which supports own-source
revenues in-line with the median of Ba rated municipalities, is
expected to benefit from the current economic recovery.


====================
P U E R T O  R I C O
====================


CARIBBEAN PETROLEUM: Case Summary & 30 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Caribbean Petroleum Corporation
          aka CAPECO
        P.O. Box 361988
        San Juan, PR 00936

Bankruptcy Case No.: 10-12553

Chapter 11 Petition Date: August 12, 2010

About the Debtor: Carribean Petroleum owns and operates certain
                  facilities in Bayomon, Puerto Rico for the
                  import, offloading, storage and distribution of
                  petroleum products.

Court: U.S. Bankruptcy Court
       District of Delaware (Delaware)

Debtor's Counsel: Jason M. Madron, Esq.
                  RICHARDS, LAYTON & FINGER, P.A.
                  One Rodney Square
                  P.O. Box 551
                  Wilmington, DE 19899
                  Tel: (302) 651-7595
                  Fax: (302) 651-7701
                  E-mail: madron@rlf.com

Debtor's
Co-Counsel:       Cadwalader, Wickersham & Taft LLP

Debtor's
Financial
Advisors:         FTI Consulting Inc.

Debtor's
Chief
Restructuring
Officer:          Kevin Lavin of FTI Consulting Inc.

Debtor's
Restructuring
Officer:          Roy Messing of FTI Consulting Inc.

Estimated Assets: US$100,000,001 to US$500,000,000

Estimated Debts: US$500,000,001 to US$1,000,000,000

The petition was signed by Nicolas Lopez Pena, chief financial
officer.

Debtor-affiliates filing separate Chapter 11 petition:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Caribbean Petroleum Refining, L.P.    10-12554            08/12/10
Gulf Petroleum Refining (Puerto Rico)
  Corporation                         10-12555            08/12/10

Carribean Petroleum Corp.'s List of 30 Largest Unsecured
Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
AOT Limited                        Arbitration Award US$63,643,202
  aka Astra Oil
301 Main Street, Suite 201
Huntington Beach, CA 92648

Secretario de Hacienda            Taxes                $20,293,120
P.O. Box 9024140
Oficina 400A
San Juan, PR 00902-4140

National Response Corp.           Environmental         $6,000,000
3500 Sunrise Highway, Suite 103
Great River, NY 111739

Credit Suisse AG                  Loan                  $2,600,000
Eggbuhlstrasse 21-23
CH-8070 Zurich, Switzerland

Centro de Recaudacione de         Property Tax          $2,300,000
Ingresos Municipales (CRIM)
P.O. Box 195387
San Juan, PR 00919-5387

William Morales Case              Legal Case            $2,190,000
Llorens                           Settlement
USDC 11807
Edificio Esquire, Suite 402
Calle Vela #2
San Juan, PR 00918-3622

United States Coast Guard         Environmental         $2,126,952
P.O. Box 70959
Charlotte, NC 28272-0959

Gobierno Municipal de Bayamon     Municipal             $1,530,325
P.O. Box 1588                     Licensing Fee
Bayamon, PR 00960-1588

Jesus F. Trillas Case             Legal Case              $790,000
Mayoral                           Settlement
206 Tetuan, Suite 702
San Juan, PR 00902

Chevron Texaco                    Trademark               $600,000
6001 Bollinger Canyon Road
San Ramon, CA 94583-2324

Landron & Vera, LLP               Professional            $500,000
100 Carr 165, Suite 203           Services
Guaynabo, PR 00968-8048

Chemical Cleaning Engineering     Environmental           $361,623
Specialists Inc.
P.O. Box 457
Toa Baja, PR 00951-0457

Constructora Rodriguez Sevilla    Dock Loading            $197,361
                                  Arm Installation

Caleb Brett USA, Inc.             Laboratory              $181,701
                                  Services

McConnell Valdes                  Legal Services          $150,000

Industrial Hydrovac Services      Refinery Maintenance    $142,974
                                  Contractor

Las Americas Petroleum Service    Environmental           $116,790
                                  Services at
                                  Service Stations

Kevane, Soto, Pasarell, Grant &   Auditors                $104,505
Thorton

El Dorado Tech Services           Refinery                $101,549
                                  Rehabilitation

G4 Security Services, Inc.        Security Services        $72,277

Geva Engineering Group Corp.      Pipeline Painting        $65,765
                                  Services

Inversiones Caribe Delta          Rent for Service         $64,308
                                  Stations

Test Environmental, Inc.          Environmental            $53,330
                                  Services at Stations

PDCM Associates, S.E.             Rent for Service         $43,304
                                  Stations

Purvin & Gertz, Inc.              Refinery Appraisal       $39,500

Camioneros Cooperativa de         Product                  $32,830
Transporte                        Transportation

Miguel A Berrios, Inc.            Professional             $32,400
                                  Services

Anderson, Mulholland & Associates Professional             $28,193
                                  Services

U.S. Trustee Payment Center       Professional             $27,950

Comite de Energia de Puerto Rico  Membership Fees          $24,000
y El Caribo Inc.


===============
X X X X X X X X
===============


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                     Total
                                      Total    Shareholders
                                      Assets         Equity
Company               Ticker         (US$MM)        (US$MM)
-------               ------        ------------     -------


ARGENTINA

IMPSAT FIBER-$US       IMPTD AR         535007008      -17165000
IMPSAT FIBER-CED       IMPT AR          535007008      -17165000
IMPSAT FIBER NET       IMPTQ US         535007008      -17165000
IMPSAT FIBER NET       330902Q GR       535007008      -17165000
IMPSAT FIBER-BLK       IMPTB AR         535007008      -17165000
IMPSAT FIBER-C/E       IMPTC AR         535007008      -17165000
IMPSAT FIBER NET       XIMPT SM         535007008      -17165000
AUTOPISTAS SOL         APDSF US         358937631    -3636037.41
AUTOPISTAS SOL         AUSO AR          358937631    -3636037.41
SOC COMERCIAL PL       CVVIF US         135360486     -251112324
SOC COMERCIAL PL       COME AR          135360486     -251112324
COMERCIAL PLA-BL       COMEB AR         135360486     -251112324
COMERCIAL PL-C/E       COMEC AR         135360486     -251112324
SOC COMERCIAL PL       SCDPF US         135360486     -251112324
COMERCIAL PLAT-$       COMED AR         135360486     -251112324
SOC COMERCIAL PL       CADN SW          135360486     -251112324
SOC COMERCIAL PL       CAD IX           135360486     -251112324
SOC COMERCIAL PL       CADN EO          135360486     -251112324
COMERCIAL PL-ADR       SCPDS LI         135360486     -251112324
SNIAFA SA              SNIA AR           11229696    -2670544.88
SNIAFA SA-B            SNIA5 AR          11229696    -2670544.88
SNIAFA SA-B            SDAGF US          11229696    -2670544.88


BRAZIL

FER C ATLANT           VSPT3 BZ         1.185E+09    -50468104.7
FER C ATLANT-PRF       VSPT4 BZ         1.185E+09    -50468104.7
FER C ATL-RCT CM       VSPT9 BZ         1.185E+09    -50468104.7
FERROVIA CEN-DVD       VSPT11 BZ        1.185E+09    -50468104.7
FERROVIA CEN-DVD       VSPT12 BZ        1.185E+09    -50468104.7
FER C ATL-RCT PF       VSPT10 BZ        1.185E+09    -50468104.7
VARIG SA               VAGV3 BZ         966298026    -4695211316
VARIG SA               VARGON BZ        966298026    -4695211316
VARIG SA-PREF          VAGV4 BZ         966298026    -4695211316
VARIG SA-PREF          VARGPN BZ        966298026    -4695211316
LAEP INVESTMENTS       LEAP LX          446499199    -70952298.9
LAEP-BDR               MILK11 BZ        446499199    -70952298.9
PARMALAT BR-RT P       LCSA6 BZ         388720052     -213641144
PARMALAT               LCSA3 BZ         388720052     -213641144
PARMALAT-PREF          LCSA4 BZ         388720052     -213641144
PARMALAT BRAS-PF       LCSAPN BZ        388720052     -213641144
PARMALAT BR-RT C       LCSA5 BZ         388720052     -213641144
PARMALAT BRASIL        LCSAON BZ        388720052     -213641144
CIA PETROLIFERA        MRLM3B BZ        377602195    -3014291.72
CIA PETROLIF-PRF       MRLM4 BZ         377602195    -3014291.72
CIA PETROLIF-PRF       1CPMPN BZ        377602195    -3014291.72
CIA PETROLIFERA        1CPMON BZ        377602195    -3014291.72
CIA PETROLIF-PRF       MRLM4B BZ        377602195    -3014291.72
CIA PETROLIFERA        MRLM3 BZ         377602195    -3014291.72
DOCAS SA-PREF          DOCAPN BZ        319046939     -119089653
DOCAS SA-RTS PRF       DOCA2 BZ         319046939     -119089653
DOCAS SA               DOCAON BZ        319046939     -119089653
DOCA INVESTI-PFD       DOCA4 BZ         319046939     -119089653
DOCA INVESTIMENT       DOCA3 BZ         319046939     -119089653
BOMBRIL-RIGHTS         BOBR1 BZ         292257859     -115839632
BOMBRIL                BMBBF US         292257859     -115839632
BOMBRIL SA-ADR         BMBPY US         292257859     -115839632
BOMBRIL CIRIO SA       BOBRON BZ        292257859     -115839632
BOMBRIL-RGTS PRE       BOBR2 BZ         292257859     -115839632
BOMBRIL CIRIO-PF       BOBRPN BZ        292257859     -115839632
BOMBRIL SA-ADR         BMBBY US         292257859     -115839632
BOMBRIL-PREF           BOBR4 BZ         292257859     -115839632
BOMBRIL                BOBR3 BZ         292257859     -115839632
TELEBRAS-ADR           TBASY US         244857050    -14105541.5
TELEBRAS-RTS CMN       RCTB1 BZ         244857050    -14105541.5
TELEBRAS-ADR           TBH US           244857050    -14105541.5
TELEBRAS-ADR           TBX GR           244857050    -14105541.5
TELEBRAS-CEDE PF       RCTB4 AR         244857050    -14105541.5
TELEBRAS-CEDEA $       TEL4D AR         244857050    -14105541.5
TELEBRAS-ADR           TBAPY US         244857050    -14105541.5
TELEBRAS-RTS CMN       TCLP1 BZ         244857050    -14105541.5
TELEBRAS-RECEIPT       TLBRUO BZ        244857050    -14105541.5
TELEBRAS-ADR           RTB US           244857050    -14105541.5
TELEBRAS-RTS PRF       RCTB2 BZ         244857050    -14105541.5
TELEBRAS SA            TLBRON BZ        244857050    -14105541.5
TELEBRAS-CM RCPT       RCTB30 BZ        244857050    -14105541.5
TELEBRAS-PF RCPT       RCTB41 BZ        244857050    -14105541.5
TELEBRAS-PF BLCK       TELB40 BZ        244857050    -14105541.5
TELEBRAS-PF RCPT       CBRZF US         244857050    -14105541.5
TELEBRAS SA-PREF       TELB4 BZ         244857050    -14105541.5
TELEBRAS-CEDEA $       RCT4D AR         244857050    -14105541.5
TELEBRAS-CM RCPT       TELE31 BZ        244857050    -14105541.5
TELEBRAS-PF RCPT       TBAPF US         244857050    -14105541.5
TELEBRAS SA            TELB3 BZ         244857050    -14105541.5
TELEBRAS SA-PREF       TLBRPN BZ        244857050    -14105541.5
TELEBRAS-PF RCPT       TLBRUP BZ        244857050    -14105541.5
TELEBRAS-CM RCPT       TBRTF US         244857050    -14105541.5
TELEBRAS-CM RCPT       RCTB31 BZ        244857050    -14105541.5
TELEBRAS-RCT PRF       TELB10 BZ        244857050    -14105541.5
TELEBRAS-CED C/E       TEL4C AR         244857050    -14105541.5
TELEBRAS-PF RCPT       RCTB40 BZ        244857050    -14105541.5
TELEBRAS-CEDE PF       TELB4 AR         244857050    -14105541.5
TELEBRAS-CEDE BL       RCT4B AR         244857050    -14105541.5
TELEBRAS-CED C/E       RCT4C AR         244857050    -14105541.5
TELEBRAS/W-I-ADR       TBH-W US         244857050    -14105541.5
TELECOMUNICA-ADR       81370Z BZ        244857050    -14105541.5
TELEBRAS-BLOCK         TELB30 BZ        244857050    -14105541.5
TELEBRAS-RCT           RCTB33 BZ        244857050    -14105541.5
TELEBRAS-ADR           TBRAY GR         244857050    -14105541.5
TELEBRAS-PF RCPT       RCTB42 BZ        244857050    -14105541.5
TELEBRAS SA-RT         TELB9 BZ         244857050    -14105541.5
TELEBRAS-PF RCPT       TELE41 BZ        244857050    -14105541.5
TELEBRAS-RTS PRF       TLCP2 BZ         244857050    -14105541.5
TELEBRAS-COM RT        TELB1 BZ         244857050    -14105541.5
TELEBRAS-CM RCPT       RCTB32 BZ        244857050    -14105541.5
TELEBRAS SA            TBASF US         244857050    -14105541.5
HOTEIS OTHON-PRF       HOTHPN BZ        238707299    -35774972.9
HOTEIS OTHON SA        HOOT3 BZ         238707299    -35774972.9
HOTEIS OTHON-PRF       HOOT4 BZ         238707299    -35774972.9
HOTEIS OTHON SA        HOTHON BZ        238707299    -35774972.9
TEKA                   TEKA3 BZ         237346006     -337859942
TEKA-PREF              TEKA4 BZ         237346006     -337859942
TEKA-PREF              TKTPF US         237346006     -337859942
TEKA-ADR               TKTPY US         237346006     -337859942
TEKA-ADR               TEKAY US         237346006     -337859942
TEKA                   TKTQF US         237346006     -337859942
TEKA                   TEKAON BZ        237346006     -337859942
TEKA-ADR               TKTQY US         237346006     -337859942
TEKA-PREF              TEKAPN BZ        237346006     -337859942
BALADARE               BLDR3 BZ         159454016    -52992212.8
SANSUY SA-PREF A       SNSYAN BZ        147187163    -86606310.8
SANSUY                 SNSY3 BZ         147187163    -86606310.8
SANSUY SA-PREF B       SNSYBN BZ        147187163    -86606310.8
SANSUY-PREF B          SNSY6 BZ         147187163    -86606310.8
SANSUY SA              SNSYON BZ        147187163    -86606310.8
SANSUY-PREF A          SNSY5 BZ         147187163    -86606310.8
GRADIENTE EL-PRB       IGBBN BZ         145256033     -273857292
GRADIENTE EL-PRA       IGBAN BZ         145256033     -273857292
GRADIENTE-PREF B       IGBR6 BZ         145256033     -273857292
GRADIENTE-PREF A       IGBR5 BZ         145256033     -273857292
GRADIENTE EL-PRC       IGBCN BZ         145256033     -273857292
GRADIENTE-PREF C       IGBR7 BZ         145256033     -273857292
GRADIENTE ELETR        IGBON BZ         145256033     -273857292
IGB ELETRONICA         IGBR3 BZ         145256033     -273857292
D H B                  DHBI3 BZ         133817651     -443044246
D H B-PREF             DHBI4 BZ         133817651     -443044246
DHB IND E COM          DHBON BZ         133817651     -443044246
DHB IND E COM-PR       DHBPN BZ         133817651     -443044246
PET MANG-RT            RPMG1 BZ         111979912     -134952358
PET MANG-RECEIPT       RPMG10 BZ        111979912     -134952358
PET MANG-RIGHTS        3678565Q BZ      111979912     -134952358
PETRO MANGUINHOS       MANGON BZ        111979912     -134952358
PET MANG-RIGHTS        3678569Q BZ      111979912     -134952358
PET MANG-RT            RPMG2 BZ         111979912     -134952358
PETRO MANGUIN-PF       MANGPN BZ        111979912     -134952358
PET MANGUINH-PRF       RPMG4 BZ         111979912     -134952358
PETRO MANGUINHOS       RPMG3 BZ         111979912     -134952358
PET MANG-RECEIPT       RPMG9 BZ         111979912     -134952358
VARIG PART EM-PR       VPSC4 BZ          96617351     -460274609
VARIG PART EM SE       VPSC3 BZ          96617351     -460274609
RIMET                  REEMON BZ         94618909     -152507221
RIMET-PREF             REEMPN BZ         94618909     -152507221
RIMET                  REEM3 BZ          94618909     -152507221
RIMET-PREF             REEM4 BZ          94618909     -152507221
DOC IMBITUB-PREF       IMBI4 BZ          94039192    -39398915.1
DOC IMBITUBA-RTP       IMBI2 BZ          94039192    -39398915.1
DOCAS IMBITUB-PR       IMBIPN BZ         94039192    -39398915.1
DOCAS IMBITUBA         IMBION BZ         94039192    -39398915.1
DOC IMBITUBA-RTC       IMBI1 BZ          94039192    -39398915.1
DOC IMBITUBA           IMBI3 BZ          94039192    -39398915.1
WETZEL SA-PREF         MWELPN BZ         84310496    -7570637.42
WETZEL SA              MWET3 BZ          84310496    -7570637.42
WETZEL SA              MWELON BZ         84310496    -7570637.42
WETZEL SA-PREF         MWET4 BZ          84310496    -7570637.42
ACO ALTONA             EALT3 BZ          80346370    -11622480.4
ACO ALTONA SA          EAAON BZ          80346370    -11622480.4
ACO ALTONA-PREF        EAAPN BZ          80346370    -11622480.4
ACO ALTONA-PREF        EALT4 BZ          80346370    -11622480.4
ESTRELA SA             ESTR3 BZ          76255458    -69760619.7
ESTRELA SA-PREF        ESTRPN BZ         76255458    -69760619.7
ESTRELA SA             ESTRON BZ         76255458    -69760619.7
ESTRELA SA-PREF        ESTR4 BZ          76255458    -69760619.7
RIOSULENSE SA-PR       RSUL4 BZ          68368524    -9647727.04
RIOSULENSE SA-PR       RSULPN BZ         68368524    -9647727.04
RIOSULENSE SA          RSUL3 BZ          68368524    -9647727.04
RIOSULENSE SA          RSULON BZ         68368524    -9647727.04
TEXTEIS RENA-RCT       TXRX10 BZ         63634626    -91597740.4
TEXTEIS RENAUX         RENXPN BZ         63634626    -91597740.4
TEXTEIS RENA-RCT       TXRX9 BZ          63634626    -91597740.4
TEXTEIS RENAUX         RENXON BZ         63634626    -91597740.4
TEXTEIS RENAU-RT       TXRX2 BZ          63634626    -91597740.4
TEXTEIS RENAU-RT       TXRX1 BZ          63634626    -91597740.4
RENAUXVIEW SA-PF       TXRX4 BZ          63634626    -91597740.4
RENAUXVIEW SA          TXRX3 BZ          63634626    -91597740.4
MINUPAR-PREF           MNPR4 BZ          63223032    -58260845.7
MINUPAR SA             MNPRON BZ         63223032    -58260845.7
MINUPAR                MNPR3 BZ          63223032    -58260845.7
MINUPAR SA-PREF        MNPRPN BZ         63223032    -58260845.7
FABRICA RENAUX-P       FRNXPN BZ         63036915      -59781833
FABRICA RENAUX         FRNXON BZ         63036915      -59781833
FABRICA RENAUX-P       FTRX4 BZ          63036915      -59781833
FABRICA TECID-RT       FTRX1 BZ          63036915      -59781833
FABRICA RENAUX         FTRX3 BZ          63036915      -59781833
VARIG PART EM TR       VPTA3 BZ          49432124     -399290426
VARIG PART EM-PR       VPTA4 BZ          49432124     -399290426
WIEST SA-PREF          WISAPN BZ         39838114    -93371563.1
WIEST                  WISA3 BZ          39838114    -93371563.1
WIEST-PREF             WISA4 BZ          39838114    -93371563.1
WIEST SA               WISAON BZ         39838114    -93371563.1
CIMOB PARTIC SA        GAFON BZ          36817395    -33083086.5
CIMOB PART-PREF        GAFP4 BZ          36817395    -33083086.5
CIMOB PART-PREF        GAFPN BZ          36817395    -33083086.5
CIMOB PARTIC SA        GAFP3 BZ          36817395    -33083086.5
BOTUCATU-PREF          STRP4 BZ          35101567    -13482713.5
BOTUCATU TEXTIL        STRP3 BZ          35101567    -13482713.5
STAROUP SA             STARON BZ         35101567    -13482713.5
STAROUP SA-PREF        STARPN BZ         35101567    -13482713.5
SANESALTO              SNST3 BZ          31044051    -1843297.83
STEEL DO BRASIL        STLB3 BZ          24189041    -2271641.06
CHIARELLI SA           CCHI3 BZ          22274027    -44537138.2
CHIARELLI SA-PRF       CCHPN BZ          22274027    -44537138.2
CHIARELLI SA-PRF       CCHI4 BZ          22274027    -44537138.2
CHIARELLI SA           CCHON BZ          22274027    -44537138.2
NOVA AMERICA-PRF       NOVAPN BZ         21287489     -183535527
NOVA AMERICA-PRF       1NOVPN BZ         21287489     -183535527
NOVA AMERICA SA        NOVAON BZ         21287489     -183535527
NOVA AMERICA SA        NOVA3B BZ         21287489     -183535527
NOVA AMERICA SA        NOVA3 BZ          21287489     -183535527
NOVA AMERICA SA        1NOVON BZ         21287489     -183535527
NOVA AMERICA-PRF       NOVA4 BZ          21287489     -183535527
NOVA AMERICA-PRF       NOVA4B BZ         21287489     -183535527
CAF BRASILIA           CAFE3 BZ          18540302     -790303366
CAF BRASILIA-PRF       CAFE4 BZ          18540302     -790303366
CAFE BRASILIA SA       CSBRON BZ         18540302     -790303366
CAFE BRASILIA-PR       CSBRPN BZ         18540302     -790303366
TECEL S JOSE-PRF       SJOS4 BZ          17924946    -18569451.2
TECEL S JOSE-PRF       FTSJPN BZ         17924946    -18569451.2
TECEL S JOSE           SJOS3 BZ          17924946    -18569451.2
TECEL S JOSE           FTSJON BZ         17924946    -18569451.2
FERRAGENS HAGA-P       HAGAPN BZ         17657785    -62285757.3
FERRAGENS HAGA         HAGAON BZ         17657785    -62285757.3
HAGA                   HAGA3 BZ          17657785    -62285757.3
FER HAGA-PREF          HAGA4 BZ          17657785    -62285757.3
NORDON MET             NORD3 BZ          15427479    -20563974.4
NORDON MET-RTS         NORD1 BZ          15427479    -20563974.4
NORDON METAL           NORDON BZ         15427479    -20563974.4
SCHLOSSER-PREF         SCLO4 BZ          13140656    -56631899.1
SCHLOSSER              SCLO3 BZ          13140656    -56631899.1
SCHLOSSER SA           SCHON BZ          13140656    -56631899.1
SCHLOSSER SA-PRF       SCHPN BZ          13140656    -56631899.1
PROMAN                 PRMN3 BZ          13088926    -87154.5455
PROMAN                 PRMN3B BZ         13088926    -87154.5455
GAZOLA SA-DVD CM       GAZO11 BZ         12452143    -40298506.3
GAZOLA-PREF            GAZO4 BZ          12452143    -40298506.3
GAZOLA SA              GAZON BZ          12452143    -40298506.3
GAZOLA SA-DVD PF       GAZO12 BZ         12452143    -40298506.3
GAZOLA-RCPTS CMN       GAZO9 BZ          12452143    -40298506.3
GAZOLA SA-PREF         GAZPN BZ          12452143    -40298506.3
GAZOLA-RCPT PREF       GAZO10 BZ         12452143    -40298506.3
GAZOLA                 GAZO3 BZ          12452143    -40298506.3
ARTHUR LAN-DVD C       ARLA11 BZ         11642256    -17154461.9
ARTHUR LANGE SA        ALICON BZ         11642256    -17154461.9
ARTHUR LAN-DVD P       ARLA12 BZ         11642256    -17154461.9
ARTHUR LANGE-PRF       ARLA4 BZ          11642256    -17154461.9
ARTHUR LANG-RT P       ARLA2 BZ          11642256    -17154461.9
ARTHUR LANG-RC P       ARLA10 BZ         11642256    -17154461.9
ARTHUR LANG-RT C       ARLA1 BZ          11642256    -17154461.9
ARTHUR LANG-RC C       ARLA9 BZ          11642256    -17154461.9
ARTHUR LANGE-PRF       ALICPN BZ         11642256    -17154461.9
ARTHUR LANGE           ARLA3 BZ          11642256    -17154461.9
HERCULES               HETA3 BZ          10710103     -164239944
HERCULES-PREF          HETA4 BZ          10710103     -164239944
HERCULES SA-PREF       HERTPN BZ         10710103     -164239944
HERCULES SA            HERTON BZ         10710103     -164239944


CHILE

CHILESAT CORP SA       TELEX CI         649980376    -82003656.5
CHILESAT CO-ADR        TL US            649980376    -82003656.5
CHILESAT CO-RTS        CHISATOS CI      649980376    -82003656.5
TELMEX CORP SA         CHILESAT CI      649980376    -82003656.5
TELMEX CORP-ADR        CSAOY US         649980376    -82003656.5
TELEX-A                TELEXA CI        649980376    -82003656.5
TELEX-RTS              TELEXO CI        649980376    -82003656.5
INVERMAR-RT            INVEROSA CI      200945008    -2078000.13
INVERMAR               INVERMAR CI      200945008    -2078000.13


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Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2010.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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